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Subscribe to RSSProtesters in Cyprus gather outside parliament as government officials try to strike a bailout deal with the European Union. NBCNews.com's Dara Brown reports.
A solution to Cyprus' bailout crisis within the framework set down by the European Union may be possible within "the next few hours," the deputy leader of the island's ruling Democratic Rally party said on Friday.
"There is cautious optimism that in the next few hours we may be able to reach an agreed platform so parliament can approve these specific measures which will be consistent with the approach, the framework and the targets agreed at the last Eurogroup," Averof Neophytou told reporters.
The lines at bank cash machines in Cyprus are growing longer and in some cases angrier. The European Central Bank has given the island's government until Monday to find its six billion euro share of the bailout or - it says - it'll pull the plug on the rest of the cash and banks will face collapse. The banks themselves remain closed. Faisal Islam of Channel Four Europe reports.
The news came hours after the Cypriot finance minister left Moscow empty-handed when Russia turned down appeals for aid, leaving the island to strike a bailout deal with the EU before Tuesday or face the collapse of its financial system.
The rebuff left Cyprus looking increasingly isolated, with the deadline looming to find billions of euros demanded by the EU in return for a 10 billion euro ($12.93 billion) bailout.
Without it, the European Central Bank said on Wednesday it would cut off emergency funds to the country's teetering banks, potentially pushing Cyprus out of Europe's single currency.
"The talks have ended as far as the Russian side is concerned," Russian Finance Minister Anton Siluanov told reporters after two days of crisis talks with his Cypriot counterpart, Michael Sarris.
Having angrily rejected a proposed levy on tax deposits in exchange for the EU bailout, Nicosia had turned to the Kremlin to renegotiate a loan deal, win more financing and lure Russian investors to cut-price Cypriot banks and gas reserves.
Wealthy Russians have billions of euros at stake in Cyprus's outsized and now crippled banking sector.
Banks are closed on Cyprus but the ATM's are still dispensing cash as the government tries to avert a financial crisis. NBCNews.com's Dara Brown reports.
But Siluanov said Russian investors were not interested in Cypriot gas and that the talks had ended without result.
Sarris was due to fly home, where lawmakers were preparing to debate measures proposed by the government to raise at least some of the 5.8 billion euros ($7.48 billion) required to clinch the EU bailout.
They included a "solidarity fund" bundling state assets, including future gas revenues and nationalized pension funds, as the basis for an emergency bond issue and likened by JP Morgan to "a national fire sale".
They were also considering a bank restructuring bill that officials said would see the country's second largest lender, Cyprus Popular Bank, split into good and bad assets, and a government call for the power to impose capital controls to stem a flood of funds leaving the island when banks reopen on Tuesday after a week-long shutdown.
'Playing with fire'
There was no silver bullet, however, and Cyprus's partners in the 17-nation currency bloc were growing increasingly unimpressed.
To help pay for the $13 billion European bailout, the government plans to take up to 10 percent from all savings accounts, angering those who say they aren't responsible for the economic crisis. CNBC's Sue Herera reports.
"I still believe we will get a settlement, but Cyprus is playing with fire," Volker Kauder, a leading conservative ally of German Chancellor Angela Merkel, told public television ARD.
There were long lines at ATMs on Thursday and angry scenes outside parliament, where hundreds of demonstrators gathered after rumors spread that Popular Bank would be closed down and its staff laid off.
"We have children studying abroad, and next month we need to send them money," protester Stalou Christodoulido said through tears. "We'll lose what money we had and saved for so many years if the bank goes down."
Cypriots have been stunned by the pace of the unfolding drama, having elected conservative President Nicos Anastasiades barely a month ago on a mandate to secure a bailout. News that the deal would involve a levy on bank deposits, even for smaller savers, outraged Cypriots, who raided cash machines last weekend.
Related:
EU to Cypriots: Let us raid your savings or no bailout
Cyprus bailout backlash poses little wider risk - for now
Full business coverage from NBC News
This story was originally published on Fri Mar 22, 2013 6:02 AM EDT
Copyright 2013 Thomson Reuters. Click for restrictions.
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I got to see the end result of this one. Doesn't look good.
A large part of the problem is that those who are the major investors that agreed to take the risks, signing on board, aren't the ones that are willing to have to pay for losing funds.The public has bailed out the banks before, causing huge inflation. So when things started going south even more, the banks had to once more scramble to find a way to protect those investors and raise funds once more to meet their obligations.
The result as the situation continued to get worse, is that it is looking more and more, like the little fella, who didn't sign up for the risks, is now being looked at as having to bail out, once more those who agreed to take the risks.
According to economic experts, what needs to happen, is banks need to protect the little fella, let those rich folks take the hit.The question is, will banks do so. When Iceland had the same thing happen awhile ago, they didn't get a bailout. The economy went through a real hard period, and it did recover and was better for it.However, it didn't have its money in the euro system like Cypress.
Cypress might have to withdraw and let its economy take the hit. That is what other countries banks are worried about and watching for. But forcing the little fella to pay for what the investors risked, is the wrong way to go and sends the totally wrong message to others in other countries.
I'm wondering when Obama and his liberal cronies are going to close up our banks for a week and take a portion of our money out of our accounts. Sounds exactly like something Obama and the libs would want done to the hard working people of this country so they can keep giving and getting their free government handouts at our expense.
Today's answer to all your financial needs: Borrow. Just borrow, borrow, borrow and make the minimum monthly payment.
Mary, I'm with you. We might now get the chance to see what happens when the banks are not "too big to fail".
Next the Cypriots will come crying to the U.S. to bail them out. That country has an over-exaggerated sense of its own importance in the world, and they expect the U.S. to solve all their problems for them.
They made their bed...now they can lie in it.
GLCSR, did you the read the part about Cyprus's CONSERVATIVE president? Paranoid much?
Kay, you mean the one that was elected about a month ago? Not a factor. But I do agree, they made their bed... it's on them to work it out.
Hummmmmmmmm ~~ The common denominator in all the financial woes of the world ~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~"BANKS" ~~~~~~~~~~~~~~~~~~~~~~~
There, fixed it for you.
Well that was patriotic of you, chuckzul. Not an American?
What makes you think the EU would bail us out? And bail us out of what?
@kaybeetoys, Did you read that they just voted in a Conservative President one month ago? Did you not read that he was running against all the things the Liberal party had done to cause this colapse? I hate both Republicans and Democrats because they are all the same. The only difference between them is that one will lie to you about taking your money and the other BS you so much that you give them your money with a smile on your face. Republicans use religion and family values to get elected and claim they are for cutting taxes and spending when in fact they are for spending just as much as Dems, except for Obama, and cut taxes for most Americans. The Dems sweet talk you so much and make you think they are helping you so you just give them your money. They blame everything on others so that you will just play along with them. They blame the Reps so you hate them. They blame the "Rich" so you hate them. But the truth of the matter is, why would anyone want to give the Government 40%, or 50%, or more of their hard earned money? no one would but since the Government tells you that the "Rich" need to it is ok because they have made them into the bad guys and it is okay. Wake up America, If we continue to let the Government rule us instead of us ruling them, we are haeded down a road that leads to only one out come. Can anyone tell me what came from Government taxing it's citizens to much in the 1770's?
Hello folks, it is rather ironic that some people are blaming the average middle class and poor Cypriot citizen in Cyprus for their financial predicament when they are talking about Capital Controls in the US. @Windancersong has it exactly right. This bail-in or more accurately outright bank robbery is being done to protect the banks and their bondholders. Since Glass Steagall was overturned which disallowed banks in participating in investing beyond their original mandate of commercial banking, they have taken huge risks with investors money with little or no regulation and have been granted the privilege to privatize profits and socialize losses.
If you thought this was a one off event, media reports in Europe are reporting that the Troika (European Commission, European Central Bank and International Monetary Fund) have their sites on Italy and the UK and the US are considering raping their depositors to protect the banks and their bondholders. This is only the beginning as the banks are insolvent and desperate.
The government wants and the banks need your money, they’re coming for it, and they’re happy to change the law to get what they want. Talk about a captive audience. It is being recommended that you only keep enough money in your account to cover bills.
Cyprus is the canary in the coal mine. The bank holiday was supposed to end last Tuesday and now they are saying the banks won’t open until March 26th. So until they open the banks, they have stolen 100% of depositors money. Most ATM’s are empty and the few available have withdrawal limits. A lot of businesses aren’t excepting credit or debit cards because they don’t know if the money will be available.
Remember folks, if you don’t have your money in your pocket, you really don’t have it!
John Ward – Depositor Levies : Now Frankfurt Calls For Italy To Be Plundered – 22 March 2013
In the light of the Cyprus heist, the UK, US, and Spain are considering depositor haircuts too. As The Slog predicted last week, the Germans have this in mind for everyone.
Apologies for this, but WordPress has managed to swallow up an earlier post I made. Instead, it posted something in draft, and trashed the other one.
So herewith a summary plus update.
The Spanish finance Minister has floated the idea of a 0.2% depositor levy there. The Bank of England and the FIDC have issued a joint paper suggesting something similar, only bigger, in the event of an emergency in the UK or US.
Clearly, the idea of embezzling depositor funds is catching on. But Germany – who else? – is taking things a step further by suggesting that somebody else’s depositors be raped. And for this little experiment, the Germans have chosen Italy. Refer if you like to an earlier Slogpost about Frankfurter Allgemeine Zeitung printing bollocks about personal wealth in Italy being higher than that in Germany.
Now Joerg Kraemer, chief economist of the German Commerzbank, has enlarged on this mendacity, and called for private savings accounts in Italy to be levied at 15%. “A tax rate of 15 percent on financial assets would probably be enough to push the Italian government debt to below the critical level of 100 percent of gross domestic product,” he told Handelsblatt yesterday.
Net financial assets of the Italians amounts to 173% of GDP. This was significantly more than the net financial assets of the Germans, which corresponds to 124% GDP, said Kramer Handelsblatt Online. “So it would make sense, in Italy a one-time property tax levy,” suggested the Bank economist. “A tax rate of 15 percent on financial assets would probably be enough to push the Italian government debt to below the critical level of 100 percent of gross domestic product.”
Do please read the piece at the link above – it’s repeated again at the link below. It shows how Berlin (aka Schäuble) is systematically building up a body of shibboleth crap in order to support the infinite German capacity for “I am not to blame, oh woe is poor me”.
Recently at The Slog: How Schäuble briefed against Draghi to make Italy look richer than Germany
Hmmmmm...how is the deal going to work? Cyprus needs to come up with 5.8 billion Euros and can't take it from deposit accounts and can't sell their natural gas quickly enough. Oh that's right, central banks love gold and Cyprus has about 13.9 Tons of it. Perhaps that is what this is all about.
Global financial integration has (1) given countries such as Greece and Cyprus a false sense of financial strength, (2) encouraged their profligate spending habits, and thus (3) led to disasters.
Time to go back to the good old conservative financial system of strict national/local banking regulations, even in this age of globalization.
pigotry: WOW!
Hello folks, one thing I want to make clear is that the Cyprus bank deposit theft is being orchestrated to protect the German and European bond holders who have invested and purchased Cyprus bond debt.
Cyprus is in trouble because they were toting the European Union line being good EU members by buying Greek bonds. The problem was and is that bond holders took a huge "haircut" (loss) and Cyprus being a small country was devastated by the sacrifice forced upon them by the EU.
The European Union (EU) has removed any semblance of democracy or sovereignty for the EU countries. They are mandating that countries when offered a bailout have no choice in the matter and must accept it. The consequence to this draconian measure is that they must adhere to all the provisions which include austerity, privatization (forced foreclosure) of tangible sovereign economic assets and capitulation to EU Capital Controls. If allowed to be fully enacted, the will of the people is once and for all a footnote in history as the elite attempt to globalize the planet's finances.
@Pigotry, I agree! The banksters are trying to consolidate the globe's banking system. We can stand up now or be relegated to Orwell's 1984! The sheeple can't see this but those who aren't low information drones know what is being attempted here.
They will be back begging for more money in 6 months!!
Hello @AKRandy, anyone involved with a Central Bank will always be requesting more money, that's the nature of the Fractional Reserve Banking system. That is why anybody who is involved with a central bank will always be in debt. It is systematically impossible to pay back your debt once you borrow from a central bank. That is why we keep raising our debt ceiling.
Here is the simple explanation:
If someone loans you two dollars to run your economy and expects three back for the loan and interest how are you going to pay the third back? You can’t unless you borrow more dollars which puts you in perpetual debt and in a constant borrowing cycle to pay off the debt. This is designed not accidental.
Here’s the kicker, once the Federal Reserve/banksters have you struggling to pay off your interest, they send in their loan sharks the International Monetary Fund (IMF). The IMF will loan you money to cover your ever burdening interest payments but they attach a provision that if you default, you will have to give them your assets in what they call privatization (foreclosure).
Since the interest is exponential, you will default and the banksters will come in and try to foreclose on your country or institute Capital Controls, like Greece and Cyprus, Spain and Italy are next. They are being told to sell off their own country to pay back the people who caused the mess to begin with. This allows the elite to steal your intrinsic valuable assets because they gave you paper (loans/debt) and the interest on the debt that is systematically impossible to pay back. This also allows the parasitic stock speculators to profit from this designed theft. They not only know the outcome of an economy, they can gamble on the economic bubbles at the investor’s expense. This cancer goes all the way down the food chain.
In the United States case, it doesn’t have to be that way. In our constitution, in Article 1, Section 8, it stipulates that we can “coin money” as a nation and avoid the Federal Reserve’s interest (fee charged on loans) black hole. Unfortunately our politicians have been bought off by the Federal Reserve Private Corporation which has relegated the US workers to economic slaves.
witchrunner
Yeah, that one shocked me too.
Cyprus should do as Island did and give a big ole FU to the EU, then grab the bankers, try them and imprison them. Coming soon to an American city near you. The two big to fails WILL steal all you have and make you their slaves. Wake up to what they are doing.
Hello @LynyrdSky, I agree! Iceland kicked out and prosecuted the banksters that caused their economy to go bankrupt. After the initial reorganization pains Iceland is on the road to prosperity. The presstitutes won't cover Iceland's Phoenix rise out of the ashes of bankruptcy as this would promote a rejection of the Federal Reserve and their Fractional Reserve Banking system. It's a great story and example!
An island nation, with an economy like Vermont, can't control it's taxes and spending. Imagine that.
Let the banks fail and the chips fall where they may. Subsidizing the Cyprus banking industry, which is far too large, is not the solution.
Nations with sovereign currencies such as the United States are not subject to problems like these in Cyprus. Rather, our problem is inflation as we experienced in the 70's and 80's.
Our problem is SPENDING and BORROWING/TAXING to SPEND more. The more people that think this cannot happen here are ignorant or have no skin in the game so they blindly follow their master for the crumbs he throws from the taxpayer funded table. Why is the sequester only hurting the providers and not the takers? It's time EVERYONE paid their fair share and that includes all the rich fat cats in DC oddly they aren't taking it on the chin.
Yep, Mr. Canary stated that the White House is paying close attention to how the Cyprus government is going to come up with the money to avoid BANKRUPTCY.
So, if the Cyprus government TAKES/STEALS money from individuals/businesses and riots don't break out, then the same thing could happen here.
Cyprus will find a solution: let RUSSIA pay the debt and then the Cypriots can vow full allegiance to RUSSIA after the Russian Navy moves there.
Wait a minute.....maybe this administration is still thinking about "TRADING" Idaho's land and natural resources to the CHINESE for their Treasury holdings in order to PAY DOWN THE NATIONAL DEBT.
-------------------------------------------------------------------------------------------------------------------------------
BTW: Has the 41 Obama White House staffers, and some of their aides, along with HUNDREDS of "elite" elected Congressional Representatives and HUNDREDS of government workers PAID THEIR BACK IRS TAXES ?
dingleb: Well, I think the truth has finally come out. Pigotry's rantings have been an imitation all along. I think she forgot to post this one under her other (logical) pseudonym. Goes to show that one never knows. Reminds me of the TV show One Day at a Time when her oldest daughter (McKenzie Phillips) started going to this hippie joint, and so she decided to don a hippie costume and wig to find out what it was all about. People read poetry so Ann Romano decided to recite a children's poem and the crowd loved it. It was Awwwwwsome! Same situation here.
I hope they work it out without harming the people. It is a wonderful island and great people.
Personally, from my own experience living there...I'd call it karma.
Guessing you're not a Cyprus fan.
It is indeed a beautiful island, but I found some of the people I dealt with there to be rude, greedy, dishonest and anti-American while expecting the U.S. to fix everything for them. Those individuals are now getting their just deserts.
The news photo shows riots by Cypriots.
So it is filled with a bunch of entitlement liberals?
People already harmed themselves by trusting their money to an untrustworthy banks.
What happens when you give money to someone who doesn't know how to manage it properly?
@jimboza
Exactly, depositors need to know that if you put your money in a bank that does risky things or is not in great shape, you might not get your money back.
I say ban the world. BERMA SHAVE
Are you telling us all to shave?
I say ban you.
I have not kept up to date on this?
Why is ithis country on the verge of financial collapse?
Similar to Greece in that people work until they are 27 and get full state paid retirements?
No, it's just that the 1% have stolen every last penny they could! Though it's still not enough!
Coming to a bank near you. Its just a matter of time, and we will be just as shocked as the people of Cyprus.
Cyprus is a tiny country with a GDP lower than the worst performing state in the USA. Unfortunately that means everyone will watch it crash and burn because it just isn't important enough to save.
No, I believe at the last minute the ECB, with the Fed's help, will call Cyprus' bluff next week and send them more money. Another stopgap measure, to solve a crisis caused by a stopgap measure, on and on and on.
@Alan: I'm not so sure. The EU is playing ball differently this time, they seem to have put up obstacles for Cyprus that vityallu guarantee financial collapse. What that would is that other peon countries can take that as a lesson and the EU can shed the Cyprus crisis.
Roger, I think your right -- but the message they may be intending to send may not be to the "peon" countries - it may be to the PIGS (although, maybe that was what you meant by peon - but Cyprus and the PIGS are not in the same city, let alone the same ballpark in size/power/impact).
I think it will be a good lesson to the world - sadly at the expense of the Cypriots. Perhaps the world will step in after the pieces have mostly landed in the rubble pile and find a way to restore the place and some of the individuals' assets but with a new austerity and work ethic/culture -- I don't know how that will work though.
Roger is right. Germany anda France are tired of bailing out other countries. If they're going to send a message that enough is enough, Cyprus is a good place to start. It will show that they are serious, but the country is just a blip in the total Euro Zone economy so damage, at least initially, will contained.
What there to save?
End the ECB
End the Fed
Cyprus will just be the first domino to fall. Other countries in the EU are going to be "falling" very soon. You simply cannot continue to spend what you don't have and think someone else will bail you out - even if that is the mantra of the libs.
DrMan:
Do you think the Democrats here in the USA will take notice of this?
They ARE taking notice. They want to see what they can get away with. But that's also what the 2nd amendment is for.
So much for the "free health care" and "retiring at 50 with full bennies" fantasies.... the obvious solution here would be to calculate the ratio of the revenue coming in to the expenditures going out... reduce that by 5% and then multiply every line item in their budget by that reduced percentage... leaving 5% of revenue going against their debt... and tell the EU to go to hell... then reduce every single benefit/outlay by that same percentage... can't live on that... better get back to work....
Fed Up ... you've posted that "solution" elsewhere. But, the problem that is unique to Cyprus is that the banking sector dwarfs the GDP of the country (about $160B to $25B). You could cut the country's budget to ZERO and there still isn't enough money.
Drman... Why not look at the debt closer to home? We have a serious issue that is only set to become an impossible issue to resolve when war with NK and Iran starts. But I guess you're too narrow-minded and believe that waving your foam finger "#1" is just gonna make it all better.
Jsaton. Yes we have a spending problem at home. Not so much a spending problem but spending money on silly things that dont advance our culture. As for going broke that will never happen. In America we pay farmers not to grow food because we can produce so much that we would kill the world market. Why do you think so many politicians own farms. They own the ones that don't have to produce food so they can collect a government check. (IE. Michelle Bachman, Harry Reid) Also we cap all of our national resources in our country. Why do you think so many fraking companies are doing it on private lands? Did you know that our miners are only allowed to pull out a certain percentage of raw earth metals? We do all of this stockpiling for national defense. If we ever get into another World War then those materials become key to a successful campaign. So yes we have a spending problem, but we really dont have a revenue problem if push comes to shove.
No problem, Obama will print more money and give it away.
Obama where are you! We need another bailout before it's too late. Quick send Cyprus 5.8 billion euros!
Is it me, or did these Euro countries have relatively few financial problems until they switched to the Euro? And wasn't the Euro pushed by Germany, with Germany not being the financial powerhouse of the EU? Or am I getting all of this wrong?
These Euro countries have been borrowing/taxing/deficit spending all along... the bill's just come due... no more loans, so now the piper has to be paid... Germany did austerity... got their costs under control... the others... not so much... Can't spend more than you take in... at some point nobody will let you borrow anymore... (see Cyprus)
In the past, the other countries (mainly southern European countries) could devalue their currencies to effectively reduce their debt (kinda like the US has done since the recession). With the Euro, they do not have that option.
That's trying to inflate your way out of debt. When the currency is devalued nobody wants it any more so they sell it and buy some other fiat currency. Who's gonna buy back our currency? That's a retorical question because the answer is obvious - NOBODY will buy it. That means we have to buy our own currency back. With what you ask? Ah...there's the rub. Our gold reserves, silver reserves, gas-oil supplies (Russia said they didn't want any Cypriot Gas). Pretty soon a loaf of bread costs a days wage, just like the bible predicted 2000 years ago.
Germany, the biggest power in Europe (more powerful than Russia)... Wouldn't you want to take everything over too?
Cant' they just raise taxes or take it out of people's bank accounts?
The government should just take people's wallet's at gunpoint while walking down the street too, did anyone think of that?
stevejc42
Not sure if you are being real or not????
as for rasing Taxes, the Dem here in the USA have the Market cornered on that play.
I find it very interesting that really the issue with Greece only gets periodic coverage when we should be taking heed of what is going on there because we are heading down the same path. I would imagine if 5 years ago you asked the politicians and the people would you ever imagine this happening most would have laughed at you. I would like to see someone do a true analysis of what is happening in Greece and how we might or might not be similar. The sooner we take action to fix things here, the less painful it will be for later generations. The other side is we can say we don't give a crap about our children and continue to steal money from them and force them to try and fix the problem which will be really horrible by then. I have faith that the American people if a real leader stands up and says this is what we need to do and yes it will hurt but we need to do it for the future as other generations have done for us.
Just sit back and watch this one play out. It will be the best option for us U..S. citizens so we will know what is comeing, and what we the people are going to have to be ready for. As was stated before, You cant keep on spending what you don't have. At somme point the bill comes due, the interest grows faster than growth, and just like any "Ponzi" it will collapse upon itself, even here, go libs, lets spend even more!
Yep, Libs are in total denial about the danger of debt... when the danger is obvious... just like a family that's maxxed out a bunch of credit cards... the minimum payment due total (the interest on the debt) gets so big that eventually it crowds out other expenditures... until they can't pay the interest and also their mortgage/food/utilities... the same is true of the US debt... the more trillions we add to the debt, the bigger the interest payment... eventually the interest payment will crowd out other spending... and when the world stops using the dollar as the international exchange currency, every "money print" will cause the dollar to plummet and every interest rate increase will add to the debt size, and exacerbate the problem... Oblunder, Reid, and Pelosi, of course, are the three blind mice....
...or the three stooges.
That "eventually" isn't that many years away. Even with current debt levels, once we get back to normal interest rate levels, the interest payments will start significantly crowding out other spending. Given the current "debts don't matter" approach of today's Dem's, I expect the debt to keep increasing at a high rate each year for the foreseeable future.
Note: today's Dems remind me of the Reps from 2000 to 2006 - both groups were/are "borrow and spenders".
You really dont get it. Thats it blame the "Libs" What part dont you people get that the system is broken and corrupt. They want people blaming each other that is how they extend the pyramid scheme. Iceland did it right. No more bailouts of any kind. The EU is going to collapse and that should put the breaks on establishing a North American Union. Its time the global economy is resourced based not based on how much money the central banks can print or add to a computer screen.
Who owns all this debt? Almost every nation runs a debt.
http://www.nationaldebtclocks.org/debtclock/china
http://www.nationaldebtclocks.org/debtclock/germany
Many will say that we owe the people... normal people's 401K's, etc...... not true. There is a small group of robber barons that are using these "crisises" to further "feudalize" the world.
The actions in Cyprus could cause a global run on all banks! Just think for yourself, people are lined up to take all their money from Cyprus banks. Russian Oligarch money is in those banks and they will not take the confiscation of their funds lightly! Such a thing has not even been tried since Stalin! When the banks in Cyprus fall, there could be huge domino affect. Meanwhile, the US media is focused on the Vatican, the place where pedophiles go to hide! Why not take money from Goldman Sach's account; afterall they caused the problem!
It's times like these when the Black Card comes in handy.
-VISA
we all KNOW these leaders will give everything away , the banks will make out, the bonders will take a small cut and the depositers are going to get the shaft. That's how banking and politics works now adays. Stomp the little guy. GURANTEED.
The EU is being wagged by Cyprus and not the other way around. The EU isn't going to cut off any Funding - ever. Go into default - I dare you EU to cut them off. You won't do it. Just like the congress in the US will not go through sequestration all the way nor will they let the post office stop delivering mail on Saturdays. too much money involved.
This is the United States in 12-18 months. You can have QE II, QE III, QE IV ad nauseum but no nation has ever "printed" its way out of debt. It just leads to a devalued currency. We are living way above our means and have been for at least 20 years. Both parties are guilty. Someone in another post said the "Banks" are the bad boys and the common denominator in all these failures. It's not so much the banks as it is the "Central Banks" in the US, the Federal Reserve. The only way to win is to cut or eliminate any simbalance of an Income Tax, then tax the Federal Reserve at .0006% and your debt will be gone in about 10 years, then do away with the SOB's so it never happens again.
Here's a perfect example of how a communist country treats it's people. A majority of depositors in banks in Cypress are Russian, so when the Russian government is asked for help for their own people they say screw you. This will happen here too. Whatever asset you have the US government will take it-----------they are doing it right now.
Russian oligarchs. That's their version of Romney putting his money in the Caymans. If the Cayman Islands banks went down and Romney was out a bunch of cash, what would you expect the US to do about it? That's what they get for not keeping the money in their own country where they made the money, to avoid paying taxes on it. Why would any country try to save the sheltered money of its tax dodgers? You make no sense.
OMG not Cyprus! What's next, Andorra, San Marino??!!! So any European country the size of a postage stamp can drag down the world economy? What is wrong with this picture?
No kidding. But the EU will bail them out. Just like the US did for our banks on the banks of mortgage holders. They can't let these guys go. Too much money tied up.
Vermont is our smallest economy. It has GDP 26.4 billion. As for performance it is rank 20 in mean income. As for preformance go to http://en.wikipedia.org/wiki/Household_income_in_the_United_States As to preformance the 10 poorest and located in the old south, except Montana because of its americaian indian population. Much of the poverty is concentrated on Native American Reservations. For example, the Blackfeet Reservation had a poverty rate of 33.8 percent in 2000. The percentage of school-age children who were eligible for free and reduced lunch on reservation schools was 81.6 in 2010, according to a 2010 study by Montana State University.
Read more: The Average Median Income for the State of Montana | eHow.com http://www.ehow.com/info_7995254_average-median-income-state-montana.html#ixzz2OHAKu0AM
As of 11:00 looks like a solution has been found. Crisis avertered, Dow 35,000 here we go!!
What they should do is declare war against the US and then surrender. We will immediately start sending them foreign aid and they can live happily ever after.
Oh, I forgot one part. They will immediately be registered to vote in the US.
Another "Roaring Mouse"?